CNBC Business News Update Market Close: Stocks Plunge And Partially Recover, President Trump Says US Navy Will Escort Oil Tankers, Target is Hiring 3/3/26
Mar 3, 2026
Fast market swings as stocks plunge then claw back amid geopolitical headlines. Rising oil prices and pump pain for drivers get attention. Tensions around the Strait of Hormuz and plans for naval tanker escorts are discussed. Inflation and higher airfares from fuel spikes are flagged. A major retailer is boosting pay and hiring ahead of upcoming earnings and retail reports.
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Markets React Strongly To Navy Escort Remark
- Markets swung wildly after President Trump said the U.S. Navy would escort threatened oil tankers, triggering a sharp selloff then partial recovery.
- The Dow fell as much as 1,200 points intraday and closed down 403 points, showing panic then stabilization.
Analysts Expect Prolonged Volatility From Middle East Tensions
- Analysts linked the selloff to uncertainty around oil and Middle East tensions, calling for heightened volatility ahead.
- Defiance ETF's Sylvia Jablonski said investors should 'buckle up' as markets react day to day to unfolding events.
Oil Spike Translates To Higher Pump Prices And Inflation Risk
- Rising oil prices amplified market uncertainty and consumer pain, with U.S. crude up about 3% to $73 a barrel.
- AAA reported pump prices jumped 11 cents overnight, and experts warned higher oil feeds into inflation and later airfare increases.